Prime Freehold Retail & Office Investment in City of London Location
Located in a prominent position in the heart of the City's financial district
Fixed RPI rental increases
Redevelopment opportunities (subject to consents)
Situated close to Monument and Bank Underground Stations, The Bank of England, London Bridge and St Paul's Cathedral
Rent is subject to note 8
Lot 8
Auction 26th May 2011
Rent £70,792 per Annum Exclusive
Status Sold
Price £1,110,000
Sector High Street Retail
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
On behalf of The Worshipful Company of Salters
Property Information
Location
Distance
300 metres south of Cornhill, 300 metres south-east of Poultry,
Rail
Monument Underground (Circle and District lines), Cannon Street Underground (National Rail, District and Circle lines) and Bank Underground (Central, Northern and Waterloo & City lines and DLR)
Air
London City Airport (12 km east)
Situation
The property is very well situated in the heart of the City of London, south of Cornhill and Poultry. The property benefits from excellent communications with numerous underground stations within walking distance. In addition, London Bridge, St Paul's Cathedral, The Bank of England and the Tower of London are all nearby. There is also excellent access to amenities with House of Fraser, Santander, Boots the Chemist and McDonald's all close by. Other office occupiers include Rothschild, UBS and Allianz Commercial.
Tenure
Freehold.
Location
Distance
300 metres south of Cornhill, 300 metres south-east of Poultry,
Rail
Monument Underground (Circle and District lines), Cannon Street Underground (National Rail, District and Circle lines) and Bank Underground (Central, Northern and Waterloo & City lines and DLR)
Air
London City Airport (12 km east)
Situation
The property is very well situated in the heart of the City of London, south of Cornhill and Poultry. The property benefits from excellent communications with numerous underground stations within walking distance. In addition, London Bridge, St Paul's Cathedral, The Bank of England and the Tower of London are all nearby. There is also excellent access to amenities with House of Fraser, Santander, Boots the Chemist and McDonald's all close by. Other office occupiers include Rothschild, UBS and Allianz Commercial.
Tenure
Freehold.
Description
The property comprises a retail unit on the ground floor and basement with office accommodation on the six upper floors. The building has a 4-person passenger lift while the office accommodation benefits from comfort cooling units.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a retail unit on the ground floor and basement with office accommodation on the six upper floors. The building has a 4-person passenger lift while the office accommodation benefits from comfort cooling units.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground
Retail
32.0 sq m
(345 sq ft)
MUKESH N PATEL (t/a King William News)
10 years from 15/09/2006 (1)
£25,000
15/09/2011
Basement
Ancillary
41.9 sq m
(451 sq ft)
(14/09/2016)
First
Office
34.7 sq m
(374 sq ft)
EFFISOFT LIMITED (2)
Approx. 7 years from 25/06/2009 (3)
£4,942
(14/09/2016)
Second
Office
35.8 sq m
(386 sq ft)
EFFISOFT LIMITED (2)
Approx. 7 years from 25/06/2009 (3)
£5,124
(14/09/2016)
Third
Office
35.2 sq m
(379 sq ft)
CITY EXECUTIVE CONSULTANTS
Approx. 5 years from 21/03/2011 (4)
£10,500
(14/09/2016)
Fourth
Office
34.8 sq m
(374 sq ft)
QUADRANT INTERNATIONAL MANAGEMENT UK LIMITED
Approx. 7 years from 24/06/2009 (5)
£8,000
24/06/2013, (14/09/2016) (6)
Fifth
Office
29.2 sq m
(314 sq ft)
PSDS LIMITED
Approx. 5 years from 01/12/2008 (7)
£12,426 (8)
01/12/2011 and 01/12/2012 (30/11/2013) (9)
Sixth
Office
25.7 sq m
(277 sq ft)
CITY EXECUTIVE CONSULTANTS
Approx. 7 years from 24/06/2009 (10)
£4,800
24/06/2014, (14/09/2016) (11)
Totals
269.3 sq m (12)
(2,900 sq ft) (12)
£70,792
(1) There is a mutual option to determine from the 5th anniversary of the term and each year thereafter on providing 6 months' prior written notice. (2) Effisoft Limited are a subsidiary of Effisoft SAS and for the year ending 31st December 2010 reported a net worth of £814,000. (Source: www.riskdisk.com) (3) There is a mutual option to determine from the 24th June 2012 and each year thereafter on providing 6 months' prior written notice. (4) There is a mutual option to determine from the 24th June 2012 and each year thereafter on providing 6 months' prior written notice. (5) There is a mutual option to determine from 24th June 2012 and each year thereafter on providing 6 months' prior written notice. (6) The rent will be reviewed to the increase in the Retail Price Index. (7) There is a mutual option to determine from the 24th June 2012 and each year thereafter on providing 6 months' prior written notice. (8) The rent is inclusive of service charge. (9) The rent will be reviewed annually to the increase in the Retail Price Index. (10) There is a mutual option to determine from the 24th June 2012 and each year thereafter on providing 6 months' prior written notice. (11) The rent will be reviewed to the increase in the Retail Price Index. (12) These areas are taken from a full measured survey undertaken by Sterling Surveys Limited.
